Interum Inc. today announced the launch of the first mobile point of sale stored value system that is powered by a debt conversion mechanism.
"This system known as Petra is a cloud-based application that enhances the point of sale experience," officials said. "Petra is revolutionizing the way merchants conduct business with consumers and each other by allowing them to use a digital currency called Valu in lieu of the dollar.
"Historically point of sale applications do two things: calculate amounts and lock in future customers. In today’s debt-riddled world, however, there is a need for them to do more. Petra allows them to do just that."
“Petra is like nothing you have ever seen before. It is a win, win, win,” says Mardis Nichols, CFO of Interum. "Interum saw a way to help small business owners work together at the community level to compete with major corporations."
“We saw that they needed the ability to tip the point of sale experience to benefit both themselves and the customer,” states Andrew Kozelichki, director of development. "Petra gives small businesses the ability to compete in the sales war by allowing the purchase of stored value currency from a variety of users, and immediately redeemed at the point of sale. This will be used to reduce operating expenses, cost of goods sold, customer acquisition and advertising costs. It allows you to increase your market footprint, retain current customers and gain new ones. History is about to be made, and the payment industry is about to change. All with one application called Petra."